| Income Tax Rates & Allowances for 2005/06, the lower, basic and higher rates of income tax remain at 10%, 22% and 40% repectively........ | Date: 16 Mar 2005. |
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The starting rate band is increased by £70 to £2,090, and the basic rate band by £930 to £30,310 (so that the higher rate applies to taxable income in excess of £32,400).
The special rates applicable to dividends and other savings income are unchanged.
The rate applicable to discretionary and accumulation trusts remains at at 40% (32.5% for dividend income). Such trusts will have a new basic rate band of £500.
The basic personal allowance is increased by £150 to £4,895.
For this and other personal reliefs click here for a detailed table |
